Wednesday, July 21, 2010

New Law To Control All Purchases Above $600; Buillion Sellers Angry

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change...

1 comment:

Within the Administrative State there are two (2) categories of Regulations; Interpretive, and Substantive.

Interpretive Regulations create no general duty, and do not have the "Force and Effect of Law" (U.S. Supreme Court).

Substantive Regulations DO possess the force and effect of law with general application. In order to be Substantive, such Regulation must comply with 5 USC 553 (b), (c), & (d) - the Administrative Procedures Act of 1946. Such compliance must be published in the Federal Register as well as behind the Table of Contents in the relevant Code of Federal Regulations - in this case 26 CFR, the IRS Code.

As of todays date, 21 July 2010, virtually NO IRS Regulations meet the APA requirements in order to qualify as a Substantive Regulation.